3-Unit Apartment
For Sale
$425,000
111 Pleasant St, Auburn, ME 04210
Multi-unit property with natural gas heat, storage sheds, porches, and parking.
Property Size3,146 SF
Price / SF$135.09
Days on Market12
Property Features for 111 Pleasant St
General Information
Standard status
Active
Size
3,146 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
attached sheds
porches
Building Details
Year Built
1860
Listing Agency:
Meservier & Associates
Listed By:
Anthony Poulin
Source:
603luxury
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 30 at 7:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Meservier & Associates
Investment Insights
Based on property information with market context.
This 3-unit apartment property offers 3,146 square feet across a building constructed in 1860. The property includes natural gas heat, attached sheds for storage, porches that provide additional seasonal living space, and plenty of parking. Its configuration supports rental income use as well as potential owner occupancy.
The property is located in Auburn, Maine, near shopping, restaurants, schools, and major routes. The combination of three apartment units, supplemental storage, outdoor porch space, and parking provides a practical multifamily layout for residential income use.
The property is located in Auburn, Maine, near shopping, restaurants, schools, and major routes. The combination of three apartment units, supplemental storage, outdoor porch space, and parking provides a practical multifamily layout for residential income use.
Key Highlights
- 3‑unit apartment property with 3,146 square feet
- Constructed in 1860
- Natural gas heating system
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,029
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$620,580
$620.6K
Cap Rate 7%
$443,271
$443.3K
Cap Rate 9%
$344,767
$344.8K
Market Conditions
NOI Build-Up for 3,146 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.9K $14.28/SF
− Vacancy
−$598 −$0.19/SF
EGI
$44.3K $14.09/SF
− OpEx
−$13.3K −$4.23/SF
NOI
$31.0K $9.86/SF
Area
Androscoggin County, ME
Vacancy
1.33%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$620,580
Cap Rate 7%
$443,271
Cap Rate 9%
$344,767
Alternative Uses
Best Use
Multifamily LT 5
$443.3K
$387.9K – $517.2K
NOI $31,029 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$421.2K
$368.5K – $491.4K
NOI $29,481 @ 7.0% cap · market cap 6.94%
Theoretical Best
Warehouse
$5.59M
$4.89M – $6.52M
NOI $391,127 @ 7.0% cap · market cap 92.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
877
Businesses Nearby
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Multi-unit property with natural gas heat, storage sheds, porches, and parking.
Where is this triplex located?
The property is located at 111 Pleasant St Auburn, ME.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 3‑unit apartment property with 3,146 square feet; Constructed in 1860; Natural gas heating system
